Intelligent Money Limited – in Administration

Richard Heis and Ed Boyle from Interpath Advisory were appointed Joint Administrators to Intelligent Money Limited (‘IML’ or ‘the Company’) on 28 May 2024.

Based in Nottingham, IML is a UK Financial Conduct Authority (‘FCA’) Authorised and Regulated product provider with its own range of managed investment portfolios, SIPPs, Pensions, ISAs and GIAs. It provides the technology, administration, technical and compliance expertise for c.20,000 SIPPs and has c.20,000 clients, with total assets under management equating to c.£1.4 billion.

The Company had recently experienced a number of financial and regulatory challenges, including a number of complaints made to the Financial Ombudsman Service (FOS) which gave rise to compensation claims at a level the Company was unable to meet. Additionally, regulatory restrictions have recently been placed on the Company which means it is currently unable to dissipate its assets.

As a result of these challenges and potential financial liabilities, the directors of the Company resolved to place the Company into administration.

Prior to the Joint Administrators' appointment, the Directors completed a sale of the business and assets of IML’s qualifying workplace pension scheme (‘QWPS’) to Digital Wealth Systems Limited, a provider of workplace pensions to both employers and employees. Approximately c.£30 million of assets under investment and c. 10,500 clients have been transferred as part of this transaction.

Separately, the Company’s business and assets have been acquired by Quai Administration Services Limited (‘Quai’), via a pre-pack transaction. Quai specialise in pensions, savings, and investment administration services. Approximately c.£1.2 billion of assets under investment and c. 8,400 clients have been transferred to Quai as part of this transaction. In addition, IML’s 18 employees have transferred to Quai. Customers can find out further information on their pensions at www.intelligentmoney.com.

Further information on the insolvency, including for customers who have or may have a complaint against the firm can be found in the attached FAQs.

If you have amounts due to you from the Company as at the date of appointment, you can register a claim by completing a proof of debt form.

Proof of debt form

Please send your completed proof of debt form, together with supporting documentation, by email to the case contact or by post to:

Intelligent Money Limited – in Administration
C/o Interpath Advisory
5th Floor
130 St Vincent Street
Glasgow G2 5HF

Supporting documentation for your claim includes invoices, statements of account, proofs of delivery, contracts or any other relevant information.

Richard Heis and Edward George Boyle are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.

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